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Clear the debt first or save towards deposit

dashing4uu · 2017-04-30 21:08:09

Hi, Im 37 year old working in london with avg annual salary of 26-27k. I have two kids and wife (currently not employed). I have a huge debt £11k PL, overall debt on cards 6k. My wife has been saving for quite sometime now and has about 10k worth savings. Have been to a mortgage advisor who said will do a AIP to check thhe…

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TheGardener Posts: 3,303 Forumite

1 May 2017 at 11:16AM

Pixie5740 wrote: »

I suppose that depends how the debt was accrued. What if the debt was built up due to the household income reducing (wife no longer working) but the household expenditure remained the same?

Absolutely - and I agree if you are married then unless you have an agreement about his, hers and ours (seems far more common in 2nd or subsequent marriages) then they need to work together. Perhaps is just me but the OP hasn't mentioned any input/thoughts from his wife. There is a lot of 'I' and no 'we' in the OP.

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